Tuesday, March 29, 2016

Elliott Wave Forex Signals - GBPJPY Short

Elliott Wave Forex Signals - GBPJPY Short

The GBPJPY and EURJPY are set up nicely for declines here.  I see the GBPJPY as further extended and a better trading opportunity though.  The wave count suggests a pullback is warranted and there is a confluence of support around the 161 area which is the 50% Fibonacci retracement level, and the area of the previous 4th wave.  So I want to get short with a target near those levels.  Here is my trade:

Short now at 161.88
Stop loss at 162.50
Profit target at 161.30

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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.

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